Exxon today announced three more discoveries offshore Guyana. Recoverable reserves (really easy and cheap to produce) now approaching 11 BOE. Remember this is acreage LS and her diversity staff of high-pots passed on. Brazil… high -profile dry ho-e. Mexico… nothing happening. Gulf of Mexico… deliberate inaction. Are we depending on ‘close-by’ Suriname to grow our reserves? Is this going to be another year Exploration has no mention at all in the Annual Report?
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Chevron spent $250 million on exploration wells in 2021. That is like one deepwater well. We used to drill a dozen or more major wells per year. At the current rate, we could be 10-20 years away from a major discovery.
Esso hated the acreage and tried to farm out furiously for years. Nobody wanted it. High risk cr-p in an unknown basin. They got lucky. It happens.
We have been at all-time high stock price and Warren Buffet just increased his stake by 5X. If this is lost at sea, we should keep on sailing.
I don’t think anyone is actually leading the company. Just going through the motions. We are lost at sea.